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Housing market improves

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(Read caption) This chart shows the annual change in the housing market index over the past 20 years. Though conditions improved in October, but the market is still the weakest in generations.

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Yesterday, the National Association of Home Builders (NAHB) released their latest Housing Market Index (HMI) showing that all measures increased in October with the composite HMI index climbing to 18 while the "buyer traffic" index remained near record lows as home builders continue to plod through the weakest activity seen in generations.

While all indicators made notable increases in October, it's important to note that conditions still remain at epically distressed levels.

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The new home market will likely not resume any significant form of healthy function until the considerable overhang of inventory is cleared.